Choose the Most Suitable Business Loan in Chennai
Sulekha gives you the choice of 970+ business loans in Chennai to choose from. It has a huge business list of reliable business loan providers catering to hundreds of users on a regular basis. Transparent business practices, ethical approach, and a verified business network have earned Sulekha reviews with an average 4-star rating, which is commendable. In this tough competitive market, Sulekha excels because it strives to provide you with genuine and verified business sources. Business loans are funds offered to businesses or companies with a rate of interest to be charged per month. Indian economy is predicted to touch $5 trillion by 2025 and the MSME sector would have a crucial role to play in the growth of the economy. Both banks and other financial institutions like NBFCs are increasingly focused on MSME credit, which is going to be very important for economic growth. It is important to become aware of the schemes, costs involved and other details.
Why prefer Sulekha?
Sulekha is one of the fast-growing business listing networks with over thousands of verified businesses ready to provide service. When you are looking for a transparent business loan in Chennai, Sulekha can help you to communicate with the best service providers. Here, you would also get access to all the necessary information pertaining to business loans, banks, financial organizations, rate of interest, and other details. Fill the form above, mentioning all your requirements along with your contact details. Businesses listed with Sulekha and matching your requirements would contact you. You can discuss the business loan amount and additional services required, service charges, tenure of the loan, delivery time, etc.
Eligibility for Business Loans
Financial organizations have their own predefined set of eligibility criteria for business loans, which vary. However, in general, there are some rules that apply to all. The following individuals are eligible to apply for business loans:
- An individual must be aged 25 to 55 years
- The business establishment should be of at least 3 years
- Good CIBIL score, 750 to 900 or higher
- Income Tax Returns should be filed and documented
Documents Required for Business Loan
- Passport-sized photographs
- KYC documents
- Proof of business – Certificate of the existence of business
- All relevant financial documents
- Last month bank account statement
How are Business Loans Beneficial?
Any business needs funds to maintain cash flow. It requires substantial working capital to ensure smooth business operations and profitability. Whether you want to purchase new equipment, conduct staff training, expand to a larger premise, or procure business inventory, business loans can be a great help to boost working capital. There are many players offering business loans in the market. Your options are traditional banks, non-financial corporations, crowd-funding and government institutions where any business can apply for a loan. At Sulekha, we list such business loans in Chennai to assist you with quick search options.
Business Loans Interest Rates
Banks and non-bank financial corporations provide a competitive rate of interest for business loans. It depends on various factors such as the creditworthiness of the business, loan tenor, and collateral. In addition, some of the alternative finance options such as non-bank financial corporations charge a nominal processing fee without any penalty for pre-payment. Hence, borrowers can save on the overall lending cost. Choose any of the businesses listed with Sulekha to apply for business loans.